Zhi Tong Cai Jing·2025-10-10 09:12Core Viewpoint - The report from Jefferies maintains a "Buy" rating for Tencent Holdings (00700) and raises the target price from HKD 706 to HKD 794, highlighting AI-driven growth factors in marketing services and the acceleration of non-payment financial technology and cloud services [1] Group 1: Financial Performance - Tencent's revenue growth in marketing services is driven by multiple AI-related factors [1] - The financial technology and enterprise services sectors benefit from the acceleration of non-payment businesses, such as consumer loans, and cloud services [1] Group 2: Strategic Outlook - Jefferies reaffirms Tencent as a preferred stock for 2026, with AI expected to act as a growth catalyst across various business areas [1] - The company's third-quarter online gaming product mix strategy has contributed to growth, with a continued focus on creating top-tier gaming titles [1] Group 3: Product Development - The game "Delta Action" is anticipated to reach a new daily active user milestone by September 2025, and it is expected to become another evergreen title for the company [1]